Global Stock Indices
We asked you to long S&P500 at 2988 along with DOW, NASDAQ and RUSSELL. Profit booking was advised around 27120 (DOW), 8008 (NASDAQ), 3012 (S&P500) and 1588 (RUSSELL). After Trump’s tweets, the market witnessed sharp selling. S&P500 made a low of 2939 while Dow and NASDAQ made a low of 26453 and 7761. RUSSELL made a low of 1544. We’ve now asked you to long indices at lower levels (CMP) with the following stop-loss:
DOW: 26200
S&P500: 2944
NASDAQ: 7700
RUSSELL: 1535
This is a great buying opportunity for investors. If S/L of S&P500 is triggered which already has low chances then it may drop down to 2890.
As per astrology, buying is recommended here around lower levels. In next week, the market will trade positive. Today, an uptrend is possible. S&P500 may move up to 3000-3025. Remain long in indices at lower levels.
Precious Metals
Gold (Spot) made a low of 1401 in the previous session followed by high of 1449. It has been advised to book 50% profit. Silver made a low of 15.95 followed by a high of 16.37. Bullion shall trade bullish for the next week. Gold may move up to 1460-1475 while Silver may move up to 17.00. It shall remain upward till 8th August 2019.
Crude Oil
It made a low of 54.16 in the previous session. It has support at 54. From next week, an uptrend is indicated in oil. It may make a new high from 25th August 2019.
Natural Gas
NG made a high of 2.32. There onwards, a downtrend was observed. It has support at 2.10. Next week, it shall trade positive. From 11th, a bullish trend is possible. NG has major support at 2.00.
Copper
Copper made a low of 2.59 in the previous session. It is advised to long Copper at CMP. From Monday, it’ll move in a positive direction (especially after 9th August, a considerable uptrend is possible).
Currency Pairs
EURO (EUR/USD)
Hold long in EUR/USD with S/L 1.1000.
POUND (GBP/USD)
Hold GBP/USD with S/L 1.2000. Around 1.2200, book profit.
YEN (USD/JPY)
With S/L of 106, make 50% long in USD/JPY.
DOLLAR INDEX
Hold short in dollar index for 97. Around 97.50, book 50% profit.
BONDS & YIELD
US 30 Year T-Bond:
We’d asked you to book profit in US 30 Y T-Bond @ 157.50. At CMP, it is advised to sell 50% US 30 Y T-Bond with S/L 159.
Yield:
It has been advised to book full profit in short position. At CMP, it is advised to make 50% long position with S/L 1.80 (US 10 Y) & 2.30 (US 30 Y).
Indian Market
Indian market saw Nifty at low of 10930 followed by recovery; it closed at 11025. It has major support at 10825. Bank Nifty made a low of 28100 and then recovered to 28600. It has support at 28000.
Today, the market may continue to trade uncertain. However, this is the best time to accumulate stocks at a heavy discount. Next week onwards, an uptrend is indicated.
Banking and finance sector may see an uptrend next week. One can remain long in RIL as well. With S/L of 1140, long RIL for target 1288.